State Bank of India quarterly profit goes up 78%
State Bank of India (SBI) has clocked a 78.6 per cent jump in net profit for the first quarter ended June 30, 2007 at Rs. 1,425.81 crore as against Rs. 798.57 crore in the year-ago period. Profits in Q4FY07 and Q1FY08 had been highest ever quarterly profits for SBI.
Consolidated Net Profit up from Rs. 963 crores in Q1FY 07 to Rs. 1862 crores in Q1FY 08, growth of 93.32%.
The Bank’s Operating Profit for Q1FY08 for Rs 2361.46, growth of 30.78% over Q1FY07.
Market Capitalization at Rs 80276 crores (US$ 19.72 billion) as on 30th June 2007 without any external capital infusion since 1996.
The Operating Profit for Q1FY08 at Rs.2361.46 crores has gone up from Rs.1805.62 crores in Q1FY07 thereby registering a growth of 30.78%.
Net Interest Income (NII) in Q1FY08 at Rs 4497.40 crores has gone up by 15.00% over the NII of Rs 3910.61 crores in Q1FY07.
Fee Income also registered a growth of 16.28% which has gone up to Rs 885.86 crores in Q1FY08 from Rs 761.85 crores in Q1FY07.
Gross NPA ratio declined from 3.64% to 3.13%. Correspondingly, Net NPA ratio declined from 1.84% to 1.62%. However, Rs 506.32 crores has been provided towards loan loss provisions in Q1FY08 against Rs 173.82 crores in Q1FY07.
The Bank added Rs.2523.50 crores to its capital during quarter ended June 2007 by way of Upper Tier-II Subordinated Debt, which helped the Bank in improving its Capital Adequacy Ratio.
The Bank also raised US $ 225 mio (Rs.915.86 crores) as IPDIs overseas during the quarter ended June 2007 which helped the Bank in improving its Tier-I Ratio.
Capital Adequacy Ratio (CAR) of the Bank as on 30.06.07 is 13.13% and Tier I CAR is 8.32%.
Bank’s Deposits grew by Rs.71918 crores to Rs. 449660 crores as at the end of June 2007 from Rs.377742 crores as at the end of June 2006 recording a growth of 19.04%.
The cost of deposits has increased from 4.63% in June 06 to 5.35% in June 2007 mainly due to higher rate of interest for time deposits.
Gross Advances grew to Rs. 344087 crores as at the end of June 2007 from Rs 266963 crores as at the end of June 2006 i.e. a growth of Rs.77124 crores equal to 28.89%.
The average yield on advances improved substantially to 9.80% in June 2007 from 8.48% in June 2006. Due to the volume growth in advances and improvement in yield, interest income on advances went up by 46.25% compared to Q1FY07.
The largest number of ATMs 7124 and largest card base (28.27 million Cards).
5686 of SBI branches and 10638 of SBI Group Branches under CBS.
90% of business of SBI Group is now on Core Banking.
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